Illinois General Assembly - Bill Status for HB5027
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 Bill Status of HB5027  96th General Assembly


Short Description:  FIN REG-CREDIT CARD EXEMPTION

House Sponsors
Rep. Joseph M. Lyons

Last Action
DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
110 ILCS 26/40 new
205 ILCS 675/8from Ch. 17, par. 7008
815 ILCS 140/9from Ch. 17, par. 6012


Synopsis As Introduced
Amends the Credit Card Marketing Act of 2009. Provides that a credit card issuer who complies with or is exempt from the applicable college student credit card marketing requirements of the federal Truth in Lending Act and the regulations promulgated under that Act shall be deemed to be in compliance with or exempt from all of the provisions of the Credit Card Marketing Act of 2009. Amends the Illinois Financial Services Development Act. Provides that a financial institution that complies with or is exempt from the specified federal statutory and regulations standards shall be deemed to be in compliance with or exempt from all of specified provisions of the Act. Amends the Credit Card Issuance Act. Provides that a credit card issuer who complies with or is exempt from the applicable credit card application, solicitation, and periodic statement disclosure requirements of the federal Truth in Lending Act and the regulations promulgated under that Act shall be deemed to be in compliance with or exempt from all of the specified provisions of the Credit Card Issuance Act. Provides that a credit card issuer who complies with or is exempt from the applicable consumer credit card issuance requirements of the federal Truth in Lending Act and the regulations promulgated under that Act pertaining to credit cards issued to persons under the age of 21 shall be deemed to be in compliance with or exempt from all of the specified provisions of the Credit Card Issuance Act. Effective immediately.

Actions 
DateChamber Action
  1/22/2010HouseFiled with the Clerk by Rep. Joseph M. Lyons
  1/25/2010HouseFirst Reading
  1/25/2010HouseReferred to Rules Committee
  1/11/2011HouseSession Sine Die

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